Resources

This is the question that many home buyers ask themselves when preparing to purchase a home.  If you were to ask 100 people their opinion, most likely half would recommend saving up the 20% and the other half would recommend to go in with what you have (minimum 5%) and purchase the property. I believe in selecting the high ratio mortgage and purchasing your home with 5% -19% down payments, instead of waiting to save 20% or more.  Below is some reasoning for this option.
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10 Most Livable Cities 3 of Which Belong to Canada

Vancouver, Toronto and Calgary get ranked in the top 10 of the Economist`s annual ranking of the world’s most livable cities. The ranking is based on which cities around the world provide best or worst living conditions according to the five set categories: stability, health care, culture & environment, education, and infrastructure.
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If you are a new immigrant to Canada, obtaining a mortgage has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right, up to 95%!  This program is open for all new immigrants with permanent residency, temporary residency, or a work VISA.
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All inspections should take between 2-3 hours minimum. If they are shorter, this may be a red flag.
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Why use a Mortgage Broker?

If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think? If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do. Click on the link to find out more.
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When you think of what will get you on the far end, out of debt, most people think of paying down their credit cards first but the secret may be to pay down your mortgage debt as quickly as possible. By doing this you are ultimately saving money by avoiding higher interest and becoming mortgage free sooner in life. According to recent statistics released by CAAMP, only 35% of people with mortgages took advantage of attempting to pay down their mortgage faster. This means, majority of people are not taking advantage of their pre-payment privileges, or double up payment options. There are several reasons why this is so, part of it being many buyers are first timers and sometimes their new financial situation takes some adjusting and therefore they do not feel comfortable sparring the money for extra payments. Also, they may have incurred consumer debt and want to focus their extra dollars on paying that down and then focusing on their mortgage. Regardless of the reasons behind it, here are some helpful tips to help you pay down your mortgage quicker:
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A recent study does by Statistics Canada reports that Canadians are becoming more wealthy, but why you ask? It has a lot to do with the homes they own. The study also found that the average net income of Canadian families was at $243,800.00 in 2012. This was 44.5% higher than the average net income in 2005 and a whopping 80% increase than 1999. We do have to take into account inflation, but that is still a positive increase. Based on the survey though, the largest asset most Canadian families owned was their property, particularly their principal residence. Average value for their principal residence came in around $300,000.00 in 2012, this was an increase of 83.2% from 1999 and a 46.6% increase from 2005. Keeping in mind that these are just median values, it is important statistics in understanding Canadians are today’s assets and real estate. Giving the idea that real estate could be your safest investment yet.
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If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think? If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do. Click on the link to find out more.
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All inspections should take between 2-3 hours minimum. If they are shorter, this may be a red flag.
Read More